Ciner Resources LP (NYSE:CINR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ME Staff 8-k
Ciner Resources LP (NYSE:CINR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Mr. Tohma as Chief Financial Officer and Principal Financial Officer
On April 24, 2020, each of the audit committee of the Board of Directors (the “Board”) of Ciner Resource Partners LLC (the “General Partner”), the general partner of Ciner Resources LP (the “Partnership”), and the Board appointed Ahmet Tohma (age 39) as the Chief Financial Officer and principal financial officer of the General Partner, to be effective upon such appointment, and to serve until his successor has been duly elected and qualified or until his death, resignation or removal. Mr. Tohma has also served as the Chief Financial Officer of other members of the Ciner Group, including two indirect parents of the General Partner, since March 2020. In connection with the appointment of Mr. Tohma as the principal financial officer of the General Partner, Christopher DeBerry will no longer serve as principal financial officer of the General Partner, but will continue to serve as the Chief Accounting Officer and principal accounting officer of the General Partner.
Mr. Tohma has served as a director of the General Partner since October 2019 and will continue to serve as a director. Mr. Tohma has been a Finance Director at Ciner Group since August 2019 and has served as the Chief Financial Officer of each of Ciner Enterprises Inc. and Ciner Resources Corporation (“Ciner Corp”) since March 2020. From 2003 until August 2019, Mr. Tohma worked in various management roles at Turkiye Garanti Bankasi (“Garanti”) in Turkey, a Turkish financial services company, and most recently as the Executive Vice President responsible for the Corporate Finance Department at Garanti Securities beginning in 2018. Mr. Tohma’s experience at Garanti included his roles as an internal auditor until February 2009 and as a member of the Project and Acquisition Finance Department until 2018, where he frequently engaged in project finance transactions in the energy and industrial sectors. Mr. Tohma is a citizen of the Republic of Turkey and earned a Bachelor of Science degree in Industrial Engineering from the Middle East Technical University in Turkey in 2003. He has also participated in executive programs at Bocconi University and Columbia Business School, where he focused on Business Administration and Strategy.
Mr. Tohma will be employed and compensated by Ciner Corp, subject to reimbursement by the Partnership. The portion of Mr. Tohma’s compensation that will be payable by the Partnership includes the amount of compensation allocated to the Partnership by Ciner Corp (and reimbursed to Ciner Corp by the Partnership), with such allocation determined by the amount of time he actually spends working for the Partnership relative to the amount of time he spends working for Ciner Corp and its other affiliates. The anticipated portion of Mr. Tohma’s initial compensation package that will be allocated to the Partnership includes (i) an annual base salary of $500,000 and (ii) a one-time, new-hire bonus of $42,077.
There are no arrangements or understandings between Mr. Tohma and any other person to which he was appointed to serve as Chief Financial Officer and principal financial officer of the General Partner. The Partnership and the General Partner are not aware of any transactions or existing relationships in which Mr. Tohma has a direct or indirect material interest that would require disclosure to Item 404(a) of Regulation S-K other than as set forth herein, and are not aware of any family relationship between Mr. Tohma and the General Partner’s executive officers, directors or any person nominated to become a director or executive officer of the General Partner that would require disclosure under Item 401(d) of Regulation S-K. Except as disclosed above, no other material plan, contract, or arrangement was entered into or materially amended by the Partnership or the General Partner in connection with Mr. Tohma’s appointment, and there was no grant or award made by the Partnership or the General Partner to Mr. Tohma or modification thereto under any such plan, contract, or arrangement in connection with his appointment.
About Ciner Resources LP (NYSE:CINR)
Ciner Resources LP, formerly OCI Resources LP, owns a controlling interest consisting of 51% membership interest in Ciner Wyoming LLC (Ciner Wyoming). Ciner Wyoming produces soda ash and serves a global market from its facility in the Green River Basin of Wyoming. The Company processes trona ore into soda ash, a raw material in flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products. Its Green River Basin surface operations are situated on approximately 880 acres in Wyoming, and its mining operations consists of over 23,500 acres of leased and licensed subsurface mining area. The Company uses over six continuous mining machines and approximately 10 underground shuttle cars in its mining operations. Its processing assets consist of material sizing units, conveyors, calciners, dissolver circuits, thickener tanks, drum filters, evaporators and rotary dryers. The Company sells soda ash to American Natural Soda Ash Corporation (ANSAC).